Fun

Galaxy Digital to Launch 2 New Bitcoin Funds in November

News Feed - 2019-10-25 05:10:36

Galaxy Digital Asset Management, a division of the merchant bank Galaxy Digital, is launching two bitcoin funds in November, according to a source with direct knowledge of the matter.


H eaded by billionaire ex-hedge fund manager Michael Novogratz, Galaxy is offering the funds to give accredited investors low-fee, institutionally managed bitcoin exposure and will make a seed investment into both funds. Novogratz hinted that the funds were in the works on CNBC.


The Galaxy Bitcoin Fund will require a $25,000 minimum investment with optional quarterly redemptions. The Galaxy Institutional Bitcoin Fund will allow weekly withdrawals and require minimums higher than $25,000. Both funds will offer professional oversight of bitcoin storage, tax documentation, and client service support.


Paul Cappelli is the portfolio manager for both funds, though they will be passively managed, meaning the investments (in this case, bitcoin) are automatically selected. Galaxy’s asset management division is led by Steve Kurz.


It is unclear how much money Galaxy aims to raise from investors for either fund.


Currently, Galaxy Digital offers the Galaxy Crypto Index Fund, which provides exposure to the largest cryptocurrencies by market cap by tracking the Bloomberg Galaxy Crypto Index. 


Michael Novogratz image via CoinDesk archives.

News Feed

Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash
Este artículo también está disponible en español. The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the first time in its hi
Global Digital Cluster Coin (GDCC) Is Now Available on LBank Exchange
Global Digital Cluster Coin (GDCC) Is Now Available on LBank Exchange press release PRESS RELEASE. LBank Exchange, a global digital asset trading platform, has listed Global Digital
Ana Paula Pereira2 hours agoFederal Reserve of San Francisco hiring crypto architect for CBDC projectSan Francisco"s Federal Reserve Bank is seeking a crypto architect for a central bank digital currency (CBDC).890 Total
‘We’ve All Decided Centralized Banking Is Rigged’ — South Park Episode Features a Bitcoin-Only Future
"We’ve All Decided Centralized Banking Is Rigged" — South Park Episode Features a Bitcoin-Only Future South Park’s recent episode called the “Post COVID” s
Free TON Community Achieves Sufficient Decentralization With the Network Becoming a Defacto Mainnet
Free TON Community Achieves Sufficient Decentralization With the Network Becoming a Defacto Mainnet The Free TON community declares achieving sufficient decentra
Bitcoin halving supply shock set to shake up mining sector
Daniel Ramirez-Escudero7 hours agoBitcoin halving supply shock set to shake up mining sectorThe halving could impact the number of daily available BTC by reducing the miner rewards by 50%.1823 Total views24 Total sharesL
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments Central Bank of Russia is now working with commercial banks in order to delay
Shiba Inu Market Struggles Might Just Be The Calm Before A 400% Storm
Este artículo también está disponible en español. The once dominant Shiba Inu (SHIB) is enduring a severe cryptocurrency downturn, seeing a significant 26% price reductio
Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies
Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping
Tesla’s SEC Filing Shows Bitcoin Fair Market Value of $191 Million
Tesla"s SEC Filing Shows Bitcoin Fair Market Value of $191 Million Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market va
Derek Andersen22 minutes agoUS House Republican committees introduce joint digital assets billThe House Agriculture and Financial Services Committees have been working together all year on a bill to rival Lummis and Gill
Jack Dorsey's Square Crypto Poaches Dev Talent from Facebook's Libra & Google
As if Facebook"s Libra doesn"t have enough trouble, they just lost a developer to a rising crypto star. Square Crypto has poached a trio of blockchain developers from across the tech industry including Lightning Labs, Fa